Eng. Fathallah Fawzi, Vice President of the Egyptian Businessmen Association, said that the association arranged for a meeting with Mai Abdel Hamid, Director of the Social Housing Fund, to discuss the initiative approved by the Prime Minister, Dr. Mustafa Madbouly, for the participation of the private sector in the implementation of social housing units, to identify the terms of participation The private sector, the implementation period and all contractual procedures established, after directing President Abdel Fattah Al-Sisi, President of the Republic, to launch a new real estate financing program for the benefit of low- and middle-income groups to support their ability to own housing units, through long-term loans of up to 30 years with a low and simple interest that does not exceed 3%.
"Fawzi" stressed to "The Seventh Day" the importance of the initiative in activating the sales of the real estate sector that addresses a limited and middle-income segment, which the Ministry of Housing acquires to establish, while the private sector produces real estate with a value that exceeds what is available in the initiative, and therefore we aim to meet with the head of a fund Social housing Participation in building units commensurate with the segments addressed to the initiative to increase the number of units available in this segment - which is the most expensive - of sales, and to diversify real estate products for developers.
In mid-December, the Council of Ministers approved the principles and determinants for the participation of real estate developers from the private sector in the implementation of housing units within the social housing program.
The Council of Ministers said that the rules for allocating housing units that will be implemented through the participation of real estate developers are the same as the rules for allocating social housing units owned by the Social Housing Fund and real estate financing support in terms of income, age, non-use, etc., and the price limits and allocation rules will be reviewed periodically in Light income levels, and inflation rates.
Prior to the approval of the Council of Ministers, the Board of Directors of the New Urban Communities Authority approved the participation of real estate developers in the construction of housing units in the "social housing" project in new cities, as the approval stipulated the conclusion of a framework agreement between the Social Housing Fund and Real Estate Financing Support, and the New Urban Communities Authority, to define The mechanism of dealing with two parties within one plot of land, and determining the responsibility of each party.
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